Originally posted Nov 2011 before The Journal Record and OK Insurance Commissioner recently addressed this issue in October 2013. Two years after I wrote this blog and April 2014 the US Geological warned Oklahoma of a 5.0 or bigger earthquake. Read below how about insuring your most valuable asset.

We've been shaken by a 4.7, 5.6, and 4.7 to include about 25 in between 'little' ones within the last 5 days (Nov 2011). We're not built for earthquakes and our homes/structures are far from meeting earthquake engineering standards. Thus, many people are looking into earthquake insurance. I've had many clients asking if they should get it. Be clear, only you can assess the risks versus the cost and come to that conclusion. I'm getting it. Why? Because, the cost is low enough and earthquake prediction is far from being an exact science. I read that prior to these recent 2011 Oklahoma earthquakes the USGS database showed there was a 3.204% chance of a 5.0 or bigger earthquake hitting within 31 miles of Oklahoma City within the next 50 years. A 5.5 they had has less than a 1.303% probability within the next 50 years. Hummmm.......97 to 99% chance one wouldn't happen and three did.

According to the OGS prior to 2009 Oklahoma experienced far less than 50 earthquakes a year at best (most years since records have been kept less than 2-5 per year). In 2010 there were 1,047 according to Leornard Geological Observatory in Leornard OK. As of November 2011 it seems we're going to pass this amount. We've had more than 80 earthquakes in just the last 30 days. Although, there are theories as to why there is a dramatic increase in seismic activity in Oklahoma, such as fracking, still the experts are currently explaining this recent seismic activity as 'normal' in the overall billion years history of the earth. Up until the last couple of years the Seminole Uplift also known as the Wilzetta Fault, the Nemaha Fault and others such as the Meers Fault haven't been heavily studied like the Pacific Ring of Fire. Mostly due to inactivity and/or necessity. Thus, I've come to the conclusion the 'experts' do their best but don't really know why we're having such a dramatic increase in activity here in Oklahoma. I, personally, want earthquake insurance just in case. Based on what I've read about the New Madrid Fault, our friends just east of us should consider it too.

I lived in Santa Barbara, CA in the 90's and worked in this industry in regards to building standards for earthquakes. Be clear, we have zero standards in Oklahoma home construction for our homes to withstand/resist earthquakes; beginning with our homes are built of brick; which is good for tornadoes, not so good for earthquakes. Brick crumbles during earthquakes. Typically, residential earthquake insurance comes with minimum 5-25% deductibles (avg 15%). With such large deductibles it could take a catastrophic event to pay. As always, you're betting against the insurance company. However, what problem do you want to have? According to the Insurance Journal prior to these most recent earthquake events only about 1 percent of homeowners in Oklahoma carry earthquake insurance. The top five residential insurance carriers of earthquake insurance in Oklahoma are: Travelers Group, American International Group, State Farm Group, Zurich Insurance Group, and Liberty Mutual Insurance Group. I haven't heard of anyone paying more than $100 a year (max) for earthquake insurance here in Oklahoma City with minimum coverage. For less than $9.00 a month, I'd rather have it than not, even with an enormous deductible.

This post was originally posted November 2011. Since then, it's been one of our most popular post in SEO searches next to our blog post about Why Oklahoma Doesn't Have Basements. When I wrote this, there was very little information in the state about earthquakes because no one was measuring or keeping track of that data. April 7, 2014 the U.S. Geological Survey and the Oklahoma Geological Survey issued a rare earthquake warning for Oklahoma of a 5.0 or bigger earthquake occurring. Click here to read that story. After that, please follow my new blog at swalkerco.com and like us on one of our social medias. We were the first in the state in our industry looking out for your real estate investments when it comes to protecting your most valuable asset by attempting to research the risks to our clients when our competitors were telling people not to worry about.

I think the things you covered through the post are quiet impressive, good job and great efforts.I found it very interesting and enjoyed reading all of it...keep it up, lovely job.

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Suzanne Walker,Author*

This is my experience, opinion and perspective of the business. I've been in and around all levels of real estate my entire life; all over the world. After many years of telling the same real estate experiences over and over, I started a blog to answer the basic questions the average consumer has about real estate. Feel free to contact me anytime to discuss your real estate needs and goals. *Please see the Disclaimer.